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Community First Basic Variable Home Loan

A low ongoing variable rate with no annual or account keeping fees

Looking for a home loan with all the standard features you want but, with a lower interest rate and pay as you go options? Take a look at the Community First Basic Variable Home Loan. It offers you savings on an ongoing variable interest rate as well as a number of other flexible money saving options.

Interest Rate Max Insured LVR Max LVR
True Basic Home Loan (Investor LVR <= 80%) IO
4.71% p.a.
Comparison Rate
4.56% p.a.
80% 80%
True Basic Home Loan (Investor LVR <= 80%) IO
4.3% p.a.
Comparison Rate
4.15% p.a.
80% 80%
True Basic Home Loan (Owner Occupier LVR <= 80%) IO
4% p.a.
Comparison Rate
3.85% p.a.
80% 80%
True Basic Home Loan (Owner Occupier LVR <= 80%) P&I
3.65% p.a.
Comparison Rate
3.72% p.a.
80% 80%
True Basic Home Loan (Owner Occupier LVR > 80%) IO
4.41% p.a.
Comparison Rate
4.26% p.a.
90% 80%
True Basic Home Loan (Owner Occupier LVR > 80%) P&I
4.06% p.a.
Comparison Rate
4.13% p.a.
90% 80%
True Basic LVR<=80% (Investor, P&I)
3.95% p.a.
Comparison Rate
4.02% p.a.
80% 80%
True Basic LVR<=80% (Investor, P&I)
4.36% p.a.
Comparison Rate
4.43% p.a.
80% 80%
Product NameCommunity First Basic Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$1,000,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Lender's Legal FeeAt cost
Valuation Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$300


  • You can borrow up to 95% of the property value
  • You can make extra payments without penalties
  • You can withdraw extra funds from the mortgage via the redraw facility


  • A $600 application fee applies when you open your home loan account
  • Fees apply to any redraw of extra funds you make from your loan
  • A $300 discharge fee for closing the home loan accounts

Things to consider about the Community First Basic Variable Home Loan

With a variable loan you are not locked into any set interest rate which means that it can change if there is any change in the cash rate, although good if the cash rate is lowered and this is passed on it can hurt your budget if the rate is raised and you had not prepared properly. Unlike a lot of other variable rate home loans the Community First Basic Variable Home Loan does not offer an offset account that can help to lower the amount of interest you pay on your loan in the long-term.

Although there are no account keeping or ongoing fees and you have the redraw facility to access any extra repayments you have made, there is a fee of $15 for any redraws processed online and $30 for any done over the counter in a branch. You will also pay a $600 application fee that includes up to two splits.

Features of the Community First Basic Variable Home Loan

The Community First Basic Variable Home Loan is a home loan with all of the standard features you expect without paying for the features you don't need. These features include:

  • Loan amount: You will be able to borrow up to $1,000,000 for your new home.
  • LVR: With a maximum LVR of 80%, that also gives a discounted interest rate. You could borrow 90% LVR if you pay Lenders Mortgage Insurance.
  • Redraw facility: As the amount of your loan that's paid off grows you may run into a situation where you may wish to redraw some funds to pay for home improvements or educational expenses. These things sometimes happen, so Community First offers you the ability to redraw funds from your home loan. There is no minimum redraw amount, so you can make your home loan work for you even more, however there are fees associated with redrawing funds from your loan.
  • Repayment flexibility: Community First doesn’t believe you should be penalised for paying off a little more. So they offer you the ability to make extra repayments for free. They also help to make your repayments as easy as possible. You can choose from a variety of flexible repayment options, including a repayment schedule that follows a monthly, fortnightly or weekly time period.
  • Access: Community First understands the importance of being able to manage your financial information from anywhere and at any time. You can choose from several options including internet banking, telephone banking options and even mobile banking options. You can choose to receive e-statements for instant access to your loan information.
  • Customer service: While these options are great, some people still prefer a traditional experience when dealing with their loan. Community First also offers over the counter personal service at any of their 13 Financial Service stores and via their call centre so you can talk to a real person if you choose.

The Community First Basic Variable Home Loan is offered to people looking to fund their investment properties, for construction purposes and for the procurement of an owner-occupied home. This makes it a great basic loan for just about anyone.

What fees and charges come with this loan?

  • Account keeping fees: There are no monthly or annual account keeping fees charged for this loan.
  • Redraw fees: If you redraw any extra payments you have made into your loan you will be charged $15 for an online redraw and $30 for any processed in branch.
  • Application fee, $600. This fee is charged for organising the setting up of your loan.

How to apply for the Community First Basic Variable Home Loan

You can apply with Community First by visiting a financial service store or by visiting their website and filling out an online application. You can also book the services of a mobile manager, who’s job it is to give you some one on one personal advice and make it easy by coming to visit you. When and wherever you need them they can be there to assist you in getting the home loan you want.

What information do you need to apply?

There are eligibility requirements that you will need to meet when you want to apply for the Community First Basic Variable Home Loan, such as:

  • You must be over 18 years of age
  • You must have a regular income and not be bankrupt
  • You must be an Australian citizen, a permanent resident or have an approved working Visa
  • You have not had any defaults on any loans, credit cards, interest-free finance or store cards in the last five years
  • You have been in your current job for longer than three months

There are also certain documents and information you will need to supply when you are going through the application process.

  • Personal details: Such as your current and previous address, phone number and email address
  • Income details: Including details of your income and employment, any assets you currently have such as another home, car or savings and any other debts you may have like your credit card limit, car or personal loan or any other mortgages you currently have.

The processing of your application varies depending on how long you take to provide all the appropriate information, but a Community First banker will strive to get back to you within 24-48 hours from when you submit your application.

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2 Responses

  1. Default Gravatar
    genOctober 13, 2013

    does community first lend money for a mortgage on a studio apartment in bondi, with 50% deposit?

    • Avatarfinder Customer Care
      MarcOctober 14, 2013Staff

      Hello Gen,
      thanks for the question.

      You may wish to speak to Community First directly in regards to this.


Community First Basic Variable Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $0

  • Max LVR


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